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#1 19-12-2018 09:01:27

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EUR/USD: euro rebound remains relatively solid but... (Commerzbank)

EUR/USD: the euro rebound remains relatively solid but watch out for the Fed (Commerzbank)

Commerzbank notes that the EUR/USD has rebounded sharply since the November lows of 1.1267, and that rises are expected to continue to face resistance from the 55-day moving average at 1.1400, and last week's high at 1.1442.

"It protects 2018's downtrend line at 1.1503. We currently think that the market is in a range.

A break of 1.1267 would result in losses nearing the recent low at 1.1216, and the 61.8% Fibonacci retracement of the 2017-18 rise (1.1186). Please note that we continue to consider the recent low at 1.1216 as a preliminary low for the EUR/USD.

The EUR/USD already failed to break above 1.1400 yesterday, but the pair remains relatively robust, and could make an intraday attempt again according to technical analysis. Let us not forget that the Fed will also have a say in the direction of the EUR/USD, and tonight's meeting could be decisive and leave technical factors aside for the initial reaction.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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